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Nov 27, 2012
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anytime you reform the tax code, you're going to want to do it in a way that stabilizes the tax base. you're creating a more reliable, sustainable base. that might mean some americans pay more, but that doesn't necessarily amount to a tax increase, what you're trying to do here is to stabilize the revenue stream. when you say it doesn't amount to a tax increase in the aggregate, that obviously is the center of this whole issue, especially when it comes to the pledge i know you signed with grover norquist. he said i'm okay with closing loopholes, but it has to be revenue neutral. but i think everyone knows that to get a deal done it can't be revenue neutral. are you open to a deal where you cut a lot of spending, and you raise some taxes and it is not revenue neutral? in fact you take in more tax revenue when you're done than when you started? are you open to that? >> what i'm open to is the idea of acknowledging the fact that we can bring in on average 18.5% of gdp through our revenue stream. that's what our tax system is capable of doing in the united states. that remains a constant.
anytime you reform the tax code, you're going to want to do it in a way that stabilizes the tax base. you're creating a more reliable, sustainable base. that might mean some americans pay more, but that doesn't necessarily amount to a tax increase, what you're trying to do here is to stabilize the revenue stream. when you say it doesn't amount to a tax increase in the aggregate, that obviously is the center of this whole issue, especially when it comes to the pledge i know you signed with...
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Nov 22, 2012
11/12
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it's with a wealth tax of 1.5%. to me the most important issue is to deal with the wealth inequality in this country which is it much more severe than the income inequality in this country. it's getting worse. it's been getting worse for the last 20 years. and the only countries in the world that have let's say more than $10 million people in them where it's cloe close to how bad it is in this country are all in africa and latin america. >> so we're not necessarily talking about someone who works really hard, an entrepreneur works really hard. you're talking about the people who initially are going to get, teresa heinz kerry, warren buffett, people who have massive amounts of money. they're hit the hardest, right? >> absolutely. the proposal i wrote had an exemption for households up to $500,000 in wealth that, is exempting 80% of american households right there. >> how did you draw that line? i can imagine there is all kinds of cheating that is going to happen around that line. or even on the bentley. people are go
it's with a wealth tax of 1.5%. to me the most important issue is to deal with the wealth inequality in this country which is it much more severe than the income inequality in this country. it's getting worse. it's been getting worse for the last 20 years. and the only countries in the world that have let's say more than $10 million people in them where it's cloe close to how bad it is in this country are all in africa and latin america. >> so we're not necessarily talking about someone...
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Nov 22, 2012
11/12
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tax the rich? no, tax the wealthy. wealth is something you build over time. shows itself in the forms of superexpensive assets. mansions, boats, expensive wine. 41 days from the fiscal cliff and bitter partisan deadlock, we want to test drive another idea, where the wealthy would pay more, but tax rates on people who work might not go up. is this the buff rhett rule really should have been? we have david altman, and daniel, great to see you. what is amazing to me, reading your proposal here, that would tax the wealthy as opposed to the rich, it's against the constitution right now to tax wealth in this country. >> that's right. can't have a direct tax like that. we needed a constitutional amendment to get the income tax back, so we need another amendment. it's 100 years later, let's update for the 21st century. >> i want to change the voting day. i'm all for it. let's break down your math. if we taxed wealth, where people accumulate over time. 2010, 58 trillion dollars. if you put 1.5% tax, $870 billion. that's a lot of money. more than we got on income tax t
tax the rich? no, tax the wealthy. wealth is something you build over time. shows itself in the forms of superexpensive assets. mansions, boats, expensive wine. 41 days from the fiscal cliff and bitter partisan deadlock, we want to test drive another idea, where the wealthy would pay more, but tax rates on people who work might not go up. is this the buff rhett rule really should have been? we have david altman, and daniel, great to see you. what is amazing to me, reading your proposal here,...
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Nov 24, 2012
11/12
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a big republican turns his back on the grover norquist tax pledge. is the gop preparing to give in to the president? is and thousands of people packing into stores today. watch your wallet. we'll tell you how the shopping season is really adding up. let's go "outfront." >>> good evening. i'm tom foreman. egypt erupts. thousands of angry egyptians have been protesting in opposition to a controversial power grabby egypt's president. at least 80 people have been injured and one killed in clashes with police who fired tear gas into the crowds. the unrest began after he issued a series of orders which allow him to run the country unchecked until a new constitution is written. morsi says his actions are meant to speed up reform and achieve political and social stability. >> translator: i have said beforened i repeat again, that i would never use a legislation against individuals, parties, men, women or muslims or christians for personal gains and to settle scores. >> now, this is all very problematic for the white house. just two days ago, president obama
a big republican turns his back on the grover norquist tax pledge. is the gop preparing to give in to the president? is and thousands of people packing into stores today. watch your wallet. we'll tell you how the shopping season is really adding up. let's go "outfront." >>> good evening. i'm tom foreman. egypt erupts. thousands of angry egyptians have been protesting in opposition to a controversial power grabby egypt's president. at least 80 people have been injured and one...
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Nov 28, 2012
11/12
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those making less than $250,000 a year, no tax increase for them. we can do it either through the rates or through the deductions in the code, you've given a good illustration. >> and what do you think about that senator warren. durbin making it clear he's -- there's a lot of different ways to get there. would you consider that? ways to raise money from the wealthy without raising rates? >> there are ways to get there. but i think a lot of this goes back to where you start the whole discussion from. you know, those of us who have worked on this for a long time, the simpson/bowles plan, which has gained a lot of attention, even our gang of six efforts, which we think improved upon the plan. we started with the rates going back up, you use that baseline and then you work down. you can then use some of these tax reform ideas to bring the rates back down, but you basically, we need, you know, on a ten year basis, more than $1 trillion of net new revenue as we think about some of the additional cuts we're going to have to make and some of the reforms to
those making less than $250,000 a year, no tax increase for them. we can do it either through the rates or through the deductions in the code, you've given a good illustration. >> and what do you think about that senator warren. durbin making it clear he's -- there's a lot of different ways to get there. would you consider that? ways to raise money from the wealthy without raising rates? >> there are ways to get there. but i think a lot of this goes back to where you start the whole...
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Nov 22, 2012
11/12
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. >> you can increase the estate and gift tax with a wealth tax of 1.5%. it should be graduated and progressive. the most important issue is to deal with wealth inequality. which is much more severe. getting worse, getting worse for the last 20 years, and the only countries in the world that have more than 10 million people, close to how bad it is, in this country are all in africa and latin america. >> we're not necessarily talking about someone who works really hard, an entrepreneur that works hard, you are talking about the people initially -- teresa heinz kerry, warren buffett, that's who will be hit the hardest? >> absolutely. the proposal had an exemption of proposals with up to $500,000 in wealth. that exempts most households right there. >> how did you draw that line? even on the bentley, people will say it has dents and it's not worst much. how do you have that? >> we have a lot of cheating with income tax and with a wealth tax, i'm sure people would try to cheat on that as well. we might have to have high slightly higher rates. but fighting wealt
. >> you can increase the estate and gift tax with a wealth tax of 1.5%. it should be graduated and progressive. the most important issue is to deal with wealth inequality. which is much more severe. getting worse, getting worse for the last 20 years, and the only countries in the world that have more than 10 million people, close to how bad it is, in this country are all in africa and latin america. >> we're not necessarily talking about someone who works really hard, an...
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Nov 29, 2012
11/12
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we cannot tax our way back to budget surpluses and economic prosperity. without major spending cuts and entitlement reform, we will continue running huge deficits regardless of what we do on the revenue side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be $850 billon a year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so far, he hasn't put medicare and social security, saving and preserving those entitlement programs on the table. i believe they have to be, because if we're going to preserve those for future generations, we need to do something meaningful on those. the problem is, erin, if we just do cuts in temporary spending, those can easily be undone. we know there's been a lot of promises made in exchange for tax increases and it never comes to pass when it comes to spending cuts. >> there was a "washington post" poll which said raise taxes on incomes over $250,000 a year, 60% support it. wh
we cannot tax our way back to budget surpluses and economic prosperity. without major spending cuts and entitlement reform, we will continue running huge deficits regardless of what we do on the revenue side. for every dollar of revenue you give him, he'll give you $2.50 of spending cuts. if he gave you that on spending cuts, it would be $850 billon a year would you do that? >> the president has said a lot of things, but what counts is what he's willing to put on the table and so far, he...
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Nov 24, 2012
11/12
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the democrats have said we're not until you raise taxes. both sides are going to have to make a deal in the spring and it's going to involve everybody. >> let me ask you this, douglas. norquist said a number of times in defense of his position, look, what's wrong with saying to a politician, when you want my vote and you make a promise, you should keep that promise. what's wrong with saying that to either side about any topic? >> so, i think that there's nothing wrong with that. this is about making political commitments, something politicians have to and should do. my own preference is not written pledges, but in fact, people who say this is what i believe and follow through on it. i think one thing it did do is focus its attention, which is still under discuss. we have an enormous spending problem, it's about entitlement problem. what the president was forced some recognition that the threshold decision is to spend the money. >> ethan, your reaction to this whole idea that norquist keeps saying, it's about taxes for him, but also about po
the democrats have said we're not until you raise taxes. both sides are going to have to make a deal in the spring and it's going to involve everybody. >> let me ask you this, douglas. norquist said a number of times in defense of his position, look, what's wrong with saying to a politician, when you want my vote and you make a promise, you should keep that promise. what's wrong with saying that to either side about any topic? >> so, i think that there's nothing wrong with that....
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Nov 21, 2012
11/12
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they say lower taxes, smaller government. okay, but inside of that, you still have to talk to people and i've made this point and republicans get mad at me when i say they're scared of black folks, scared to talk to them. you look at the republican debate, when the question was asked what would you do to attract latinos to the party and they all talked about building a wall. they have to actually sit down, communicate with people and say what are you concerned about. what are your concerns, what are your issues, and not just a top down philosophy. if so, they will keep losing. >> so here's what they're trying to do. 2016's already started for all intents and purposes, from the republican side. so here's republicans trying to do a little bit of what you and roland are talking about. here's three of the people who are probably be running. >> we need to stop being the dumb party. we need to offer smart, conservative, intelligent ideas and policies. that's how we win elections. >> this is not about the republican party for those
they say lower taxes, smaller government. okay, but inside of that, you still have to talk to people and i've made this point and republicans get mad at me when i say they're scared of black folks, scared to talk to them. you look at the republican debate, when the question was asked what would you do to attract latinos to the party and they all talked about building a wall. they have to actually sit down, communicate with people and say what are you concerned about. what are your concerns,...
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Nov 29, 2012
11/12
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to give a balanced plan, republicans have to cut taxes. >> he said i put revenue on the table. but he wouldn't talk about the rates. >> also when asked about these specific entitlement reforms, he didn't talk about those either. we need to see some substance behind that. >> did you hear level ground where that can be forged? i don't know the difference between talking about stuff and putting it on the table. it seems like senator cornyn sees some difference there. i don't really get it. the hole is not as big as he says it is. we're not going into the hole with a trillion dollar deficit every year, because we're going to grow every year and collect more revenue. and we also see some of these stimulus programs narrowing down a little bit so the hole's not that big and there seems to be more common ground that the senator admits. >> we hope you're right. >> in previous negotiations, it's been put forward but everyone's got to push forward. >> it's easy to race taxes on one group, at of people agree with that, but the bottom line is those entitlement cuts are going to be a lot mor
to give a balanced plan, republicans have to cut taxes. >> he said i put revenue on the table. but he wouldn't talk about the rates. >> also when asked about these specific entitlement reforms, he didn't talk about those either. we need to see some substance behind that. >> did you hear level ground where that can be forged? i don't know the difference between talking about stuff and putting it on the table. it seems like senator cornyn sees some difference there. i don't...